NEW MARS GUIDELINES AND RULES ON BROKER’S NEGOTIATING SHORT SALES IN ARIZONA
Below is a recent article from the Arizona Department of Real Estate and Arizona Associaiton of Realtors regarding the Federal Government’s new Mortgage Assistance Relief Services (“MARS”) guidelines and the ability of real estate brokers and their agents to negotiate short sales in Arizona. In sum, MARS applies to brokers and realtors who negotiate short sales on [...]
UPDATES ON ARIZONA TRENDS IN FORECLOSURE AND LENDER COLLECTION EFFORTS
Arizona’s residential real estate market continues to be driven by foreclosure sales and short sales and there seems to be no end in site. Opinions vary, but many so called experts now forecast that Arizona’s residential market will not hit bottom until sometime in 2014. For owners struggling with mortgage payments or tring to sell [...]
SHORT SALE TIPS FOR ARIZONA RESIDENTIAL PROPERTIES
1. Know what leverage you have, if any. If Arizona’s anti-deficiency statutes apply to your loan(s), use this fact to reject any lender demand for a seller/borrower contribution at close of escrow. Most junior lenders will ask for a contribution from the borrower, sometimes a significant one. If the loan is covered by Arizona’s anti-deficiency [...]